Posts tagged ‘Paul Krugman’

“End This Depression Now”: Paul Krugman Urges Public Spending, Not Deficit Hysteria

by , posted on Thursday, May 17th, 2012 at 2:30 pm

from Democracy Now!

Public spending is under assault from the United States to Europe in the name of fighting deficits. Nobel Prize-winning economist Paul Krugman argues in his new book, “End This Depression Now!”, that the hysteria over the deficit will constrain an economic recovery in a time of high unemployment and stagnating wages. “The economics is really easy,” says Krugman, “If we were to spend more money at the government level, rehire the school teachers, firefighters, police officers who have been laid off in the last several years because of cutbacks, we would be a long way back toward full employment. … Right now there’s just not enough spending. We need the government to step in and provide the demand we need … We’ve had austerity in the face of a recession in a way that we’ve never had before since the 1930s. The results are clear — it is disastrous.” Krugman writes about the economy as a columnist for the New York Times and is a Professor of Economics at Princeton University.

The interview continues after the jump …




by , posted on Monday, June 28th, 2010 at 2:25 pm

Paul Krugman’s Sunday column about the Depression he believes we are experiencing the early stages of made me think about the state of affairs here in Obama’s home state of Illinois. The whole column is worth a read, but it was this part that caught my attention:

The Obama administration understands the dangers of premature fiscal austerity — but because Republicans and conservative Democrats in Congress won’t authorize additional aid to state governments, that austerity is coming anyway, in the form of budget cuts at the state and local levels.

As states go, I think I can make the case that Illinois is at the forefront in already having achieved “premature fiscal austerity” and the effects on actual individuals, particularly in the area of job loss, are worth looking at, for we are in the unique position of being the bellwether for the nation in this area.